Flex Space with Flexible
For Sale
$95,000
836 W Toy Storage Street, Billings, MT 59106
A 2022-built shop offers adaptable space for contractors, small businesses, hobbies, or storage.
Property Size1,152 SF
Price / SF$82.47
Days on Market45
Property Features for 836 W Toy Storage Street
General Information
Standard status
Active
Size
1,152 SF
Property subtype
CommercialSale
Building Details
Year Built
2022
Listing Agency:
Century 21 Americana
(406) 294-2121
Listed By:
Brian Lang · License #RRE-RBS-LIC-70650
(406) 860-6881
Source:
Mymontanahomestead
Added: Jul 23
Changed: Aug 29
Last Checked: Sep 4 at 11:37AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Century 21 Americana
Investment Insights
Based on property information with market context.
Located at 836 W Toy Storage Street in Billings, this 1,152-square-foot flex property provides a practical shop setting for a range of owner-user or investment applications. The building was completed in 2022 and features an adaptable interior that can accommodate contractor operations, small business use, hobby activities, or secure storage.
The property includes ample parking and is positioned for convenient access within Billings. Its straightforward shop configuration and newer construction provide a functional commercial setting for users seeking dedicated workspace with flexibility in how the interior is utilized.
The property includes ample parking and is positioned for convenient access within Billings. Its straightforward shop configuration and newer construction provide a functional commercial setting for users seeking dedicated workspace with flexibility in how the interior is utilized.
Key Highlights
- 1,152‑square‑foot flex shop
- Built in 2022
- Flexible layout for contractors, small businesses, hobbies, or secure storage
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$6,641
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.99%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$132,820
$132.8K
Cap Rate 7%
$94,871
$94.9K
Cap Rate 9%
$73,789
$73.8K
Market Conditions
NOI Build-Up for 1,152 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$10.4K $9.00/SF
− Vacancy
−$881 −$0.77/SF
EGI
$9.5K $8.24/SF
− OpEx
−$2.8K −$2.47/SF
NOI
$6.6K $5.76/SF
Area
Billings, MT
Vacancy
8.50%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$132,820
Cap Rate 7%
$94,871
Cap Rate 9%
$73,789
Alternative Uses
Best Use
Flex RnD
$128.5K
$112.4K – $149.9K
NOI $8,995 @ 7.0% cap · market cap 9.47%
Second Best
Industrial
$94.9K
$83.0K – $110.7K
NOI $6,641 @ 7.0% cap · market cap 6.99%
Theoretical Best
Office A
$251.4K
$219.9K – $293.3K
NOI $17,595 @ 7.0% cap · market cap 18.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2
Businesses Nearby
Explore this area
Business Placement
Demographics for 59106, MT
20,681
Population
8,164
Households
2.5
Avg Household Size
40
Median Age
52%
College-Educated
98%
High-School Grad
112.0 sq mi
ZIP Area
185
Density / Sq Mi
$122,374
Median Household Income
$52,380
Median Earnings
$1,380
Median Rent
$483,100
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - A 2022-built shop offers adaptable space for contractors, small businesses, hobbies, or storage.
Where is this flex space located?
The property is located at 836 W Toy Storage Street Billings, MT.
What is the asking price?
The asking price for this property is $95,000.
What are key features of this property?
This property features: 1,152‑square‑foot flex shop; Built in 2022; Flexible layout for contractors, small businesses, hobbies, or secure storage
